OvaScience (NSDQ:OVAS) said today it closed a $53.8 million funding round as it looks to expand its Augment treatment in Japan and Canada and support pre-commercial activities for its OvaPrime and OvaTure treatments.
OvaScience’s Augment fertility treatment is designed to enhance in vitro fertilization by improving the health of a woman`s eggs, the company said. The treatment draws on energy-producing mitochondria from a woman`s own immature egg cells found in the protective lining of the ovaries to supplement existing mitochondria in the eggs.
The Waltham, Mass.-based company floated a total of 8.2 million shares, which includes an additional 1 million from a fully-exercised underwriters option, at $7 per share, according to a press release.
In addition to funding expansion in Japan and Canada and OvaPrime and OvaTure treatments, funds from the round will also support working capital and other general corporate purposes.
Leerink Partners acted as sole book-runner for the offering, with Oppenheimer & Co. Inc., H.C. Wainwright & Co., Roth Capital Partners, LLC and JonesTrading Institutional Services LLC acting as co-managers.